Investment Rating - The report maintains a "stronger than market" rating for the transportation industry [6] Core Insights - Crude oil freight rates have significantly increased, with the China Import Crude Oil Composite Index (CTFI) rising to 2425.93 points, up 48.6% from October 23 [2][13] - The three major state-owned airlines in China reported collective profitability in the first three quarters of 2025, with Hainan Airlines becoming the most profitable domestic airline [15][16] - Jitu Express has launched the world's largest self-built logistics hub, which is expected to enhance logistics capabilities during the "Double 11" shopping festival [22][23] Industry Investment Opportunities - Focus on the equipment and manufacturing export chain, recommending companies like COSCO Shipping Specialized, China Merchants Energy Shipping, and Huamao Logistics [4] - Attention to the transportation demand increase driven by the construction of hydropower stations in the Yarlung Tsangpo River downstream, recommending Sichuan Chengyu, Chongqing Port, and Fulimin Transportation [4] - Investment opportunities in the low-altitude economy, recommending CITIC Offshore Helicopter [4] - Opportunities in the highway and railway sectors, recommending Gansu Expressway, Beijing-Shanghai High-Speed Railway, and others [4] - The cruise and water ferry sector presents thematic investment opportunities, recommending Bohai Ferry and Haixia Shares [4] - E-commerce and express delivery investment opportunities, recommending SF Express, Jitu Express, and Yunda Shares [4] - Investment opportunities in the aviation sector, recommending Air China, China Eastern Airlines, Spring Airlines, and others [4] Industry High-Frequency Data Tracking - The Baltic Air Freight Price Index has increased month-on-month, while year-on-year it has decreased [25] - Domestic freight volume for express delivery in September 2025 increased by 12.70% year-on-year, with revenue up by 7.20% [51] - In the first nine months of 2025, the total freight volume at national ports reached 1.3567 billion tons, a year-on-year increase of 4.6% [48]

Group 1 - China Southern Airlines Group increased its stake in China National Freight (00598.HK) by purchasing 300,000 shares at an average price of HKD 5.3335 per share, totaling approximately HKD 1.6001 million [1] - Following this transaction, China Southern Airlines Group's total shareholding in China National Freight rose to 221,880,000 shares, increasing its ownership percentage from 10.99% to 11.00% [1]

Core Viewpoint - The company, Quan Yang Quan, has won a significant contract for supplying drinking water for China Southern Airlines flights, which is expected to enhance its brand visibility nationwide [1] Group 1: Company Announcement - Quan Yang Quan's subsidiary, Jilin Sen Gong Group Quan Yang Quan Beverage Co., Ltd., has been awarded a centralized procurement project for onboard drinking water by China Southern Airlines for the year 2025 [1] - The total contract value is 148 million yuan, with a service duration of three years [1] Group 2: Market Impact - The project is anticipated to have a considerable brand promotion effect across the country due to its association with a major airline [1]

Core Viewpoint - The successful maiden flight of the "Great Bay Area" C919 aircraft marks a significant achievement in the commercial operation of domestically produced large aircraft in China, coinciding with a major national sports event [1][8]. Group 1: Aircraft and Design - The "Great Bay Area" aircraft features a vibrant design that incorporates elements representing the Guangdong-Hong Kong-Macao Greater Bay Area, including the Hong Kong-Zhuhai-Macao Bridge and symbols of cultural confidence [3]. - This aircraft is the first to use the C919 model for a special paint job, utilizing advanced aerospace coatings that enhance durability and reduce maintenance frequency, while also minimizing volatile organic compound emissions [3]. Group 2: Services for the Sports Event - China Southern Airlines (CSA) has established dedicated check-in counters and security channels at Guangzhou Baiyun International Airport to facilitate the travel of athletes and event personnel, including specialized services for athletes with disabilities [4]. - The airline has introduced the "Southern Airlines Champion Card" for participants in the National Games, offering various travel benefits to enhance their experience [5]. Group 3: In-Flight Experience - CSA's cabin crew will wear traditional Lingnan-style qipaos, blending cultural heritage with the festive atmosphere of the sports event, while special in-flight packages will highlight the excitement of the games [6]. Group 4: Operational Achievements - The C919 aircraft has completed over 9,700 flight hours and transported more than 590,000 passengers in its first year of operation, establishing a regular commercial service across multiple key routes [8].

Core Points - The first C919 aircraft themed "Great Bay Area" successfully took off from Guangzhou Baiyun International Airport to Shanghai Hongqiao International Airport, marking a significant achievement in the commercial operation of domestically produced large aircraft in China [2][4] - The aircraft is operated by China Southern Airlines and is the seventh C919 aircraft in its fleet, serving the Guangzhou-Shanghai route [2] - The design of the "Great Bay Area" aircraft features vibrant colors and key visual elements representing the Guangdong-Hong Kong-Macao Greater Bay Area, including the Hong Kong-Zhuhai-Macao Bridge and symbols of cultural confidence [6][7] Company and Industry Insights - The "Great Bay Area" aircraft is the first to utilize the C919 model for a special paint scheme, employing advanced aerospace coatings that enhance durability and reduce maintenance frequency [7] - The use of this special paint significantly lowers the amount of paint required compared to traditional coatings, thereby reducing volatile organic compound emissions, showcasing the airline's commitment to green and low-carbon aviation [7] - The captain of the C919 fleet expressed hopes for the aircraft to support the upcoming "15th National Games" and emphasized the pride and responsibility associated with operating domestically produced aircraft [7]

Group 1 - China Southern Airlines Group Capital Holdings Limited increased its stake in China National Foreign Trade Transportation Group Corporation (China National Foreign Trade) by 300,000 shares at a price of HKD 5.3335 per share, totaling approximately HKD 1.60005 million [1] - After the transaction, the total number of shares held by China Southern Airlines Group Capital is approximately 221.9 million shares, representing an ownership stake of 11.00% [1] - The transaction involves other related parties, specifically China Southern Airlines Group Limited [1]

Core Points - The Yangzhou Taizhou International Airport is enhancing its services and flight capacity for the winter-spring season, introducing two major fast lines: "South China" and "Chuan-Yu" [1][8] - The "South China Fast Line" connects Guangzhou and Shenzhen, offering high-frequency flights and dedicated ground services to improve passenger experience [3][8] - The "Chuan-Yu Fast Line" focuses on the Southwest market, increasing flight frequency to Chengdu and Chongqing to cater to diverse travel needs [8] Flight Schedule Summary - The Guangzhou route offers six daily flights from Yangzhou, with departure times ranging from 07:10 to 20:35, allowing flexible travel options [3][4] - The Shenzhen route provides three to four daily flights, efficiently connecting to the Shenzhen hub and facilitating international transfers [3][6] - The Chengdu route has four to five daily flights, while the Chongqing route operates two daily flights, ensuring convenient access to these popular destinations [8] Service Enhancements - The airport has implemented a "Fast Line Fast Check" service, featuring dedicated counters and expedited security checks to minimize wait times for passengers [8] - The overall goal is to provide a seamless travel experience from the moment passengers arrive at the airport to boarding their flights [8]

国产大飞机C919首架彩绘机 11月4日12时27分，国内首架C919十五运会彩绘飞机"大美湾区"号搭载157名旅客从广州白云国际机场 顺利起飞，前往上海虹桥国际机场，该飞机是中国南方航空（以下简称"南航"）第7架C919国产大飞 机，执飞广州—上海虹桥往返航线。此次"大美湾区"号彩绘机的首航，既是国产大飞机商业化运营的重 要成果，也是中国民航携手国家重大体育盛会的创新实践。 南航推出赛事专属特色服务 为更好服务十五运会赛事相关人员，南航在广州白云国际机场F值机区常态化开设值机专柜，对中转涉 赛旅客设立中转值机柜台与专属安检通道。针对运动员出行存在的运动器材、医疗设备多的情况，南航 提供专业包装、优先托运、粘贴专属标识等服务。南航重点关注残特奥会运动员，精准对接轮椅旅客需 求，提供值机高效办理、装备单独贴标、联动安检、登机口"一对一"引导与无障碍衔接等服务，让轮椅 旅客感受全程无忧的乘机体验。此外，全新推出的十五运会和残特奥会主题登机牌，实现了"出行工具 +赛事纪念+服务载体"的三重融合，让赛事旅途绽放南航温度。 空中服务方面，南航乘务组统一身着岭南风格旗袍，让传统文化底蕴与全运赛事的热烈氛围在万米高空 交相 ...

Core Points - The first C919 aircraft with a special paint scheme named "Great Bay Area" took off from Guangzhou Baiyun International Airport to Shanghai Hongqiao International Airport, carrying 157 passengers [1][3] - The design of the "Great Bay Area" aircraft features vibrant colors and focuses on key visual elements representing the Guangdong-Hong Kong-Macao Greater Bay Area, including the Hong Kong-Zhuhai-Macao Bridge and cultural symbols [1][3] Company Developments - The "Great Bay Area" aircraft is the first painted C919 model in the fleet, utilizing special aerospace coatings that enhance durability and reduce maintenance frequency [3] - Compared to traditional paints, the new coating significantly lowers the amount of paint used, thereby reducing volatile organic compound emissions [3] Service Enhancements - Guangzhou Baiyun International Airport has established dedicated check-in counters and security channels for passengers related to the 15th National Games, improving service for athletes and their equipment [3] - China Southern Airlines has introduced specialized services for athletes, including priority baggage handling and personalized assistance for wheelchair users [3] - The airline has launched themed boarding passes for the 15th National Games and the Special Olympics, integrating travel, event memorabilia, and service [3] Operational Performance - China Southern Airlines' fleet of C919 aircraft has expanded, with the "Great Bay Area" being the seventh C919 in operation [4] - The C919 has been in operation for over a year, covering 14 routes, flying more than 9,700 hours, and transporting over 590,000 passengers [4] - Regular commercial operations have been established in major cities such as Shanghai, Beijing, and Wuhan, with operational bases in Guangzhou and Changsha [4]

致：香港交易及結算所有限公司 公司名稱: 中國南方航空股份有限公司 呈交日期: 2025年11月4日 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | H | | | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 01055 | 說明 | | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | 4,643,997,308 | RMB | | | 1 RMB | | 4,643,997,308 | | 增加 / 減少 (-) | | | 0 | | | | RMB | | 0 | | 本月底結存 | | | 4,643,997,308 | RMB | | | 1 RMB | | 4,643,997,308 | | 2. 股份分類 | 普通股 | 股份類別 | A | | 於香港聯交所上市 (註1) | | 否 | | | --- | --- | - ...